The truth is: Getting rich is NOT easy.verywhere you click right now, the internet is full of „get rich quick“ gurus who promise you to tell you their SECRET. They promise you to get rich within one month, and they will show you how to build a 6-figure business without any real work. And how? It’s easy! For just three easy payments of 97$! Easy, easy easy…
If getting rich would be easy, everyone would be rich. Funny enough, 99% of the guys who make money by telling you how to be rich, make their money solely by telling you how to be rich.
Think about that.
How are they supposed to know?
They never made real money by something else than selling you the „get rich quick“ dream.
Where is the value?
Same goes for all you MLM Marketers out there. The only guys getting rich with MLM (Multi Level Marketing) are the ones who are on top of the chain.
They make money because of the guys who buy „get rich quick“.
But long story short (before this starts to become a rant lol),
I would love to tell you what I learned from the book „The Millionaire Fastlane – Crack The Code To Wealth And Live Rich For A Lifetime!“ from MJ DeMarco.
While at first, I thought this would be just another „get rich quick“ book it turned out to be more than that.
It’s a mix of practical tips and strategies paired with some fundamental realizations and determinations.
Before I continue to think about a business idea now, I always check the five „Fastlane Commandment“ (#3 on my list).
Before I make an important decision, I always do the WCCA – Worst Case Consequence Analysis (#4).
So, without further ado, here are the five things I learned and implemented into my life:
#1: It’s about process, not events
„Wealth doesn’t drop from the sky or come from a game show. It doesn’t ring the doorbell and awaits you on the front porch with balloons and a check the size of a refrigerator. Like I mentioned in the beginning, there is no „get rich quick“.
No event makes you rich. It’s about the process; the event is the result of it.
For example, if you read in the newspaper that someone sold his business for 50 million dollars, you might think „oh, what a lucky guy. He suddenly became a millionaire. Events are the stuff that gets attention.
What doesn’t get attention is the fact that this „lucky“ guy worked his ass off for two years, eating canned ravioli every day because he invested every penny he had into his business.
Or you see someone in a Lamborghini and think „Oh he’s so lucky, I hate him. He probably inherited all the money from his rich dad or something. Why are my parents not rich like his?“
Don’t think like that! Maybe his parents were poor but he worked hard for many years (harder than you ever had) building a business he believed in from scratch.
He invested in the process; the Lamborghini is just the event that gets noticed.
#2: Produce, don’t consume
We live in a consumer society. From early on, we are conditioned to consume. Whether it’s a Barbie doll, a toy car or a little later a real car. We think buying stuff makes us happy and solves our problems. But that’s not quite true. To get rich, you need to produce first and consume second.
Don’t borrow money, lend money!
Don’t click on an online commercial, advertise for your own product!
Don’t take online classes, offer online classes!
It’s about producing. Simple fact: You get lots of money by solving the problems of lots of people (Or as DeMarco calls it: The Law of Effection „To make millions you must impact millions“).
And how do you solve problems? By PRODUCING solutions.
If you produce richly, you can consume richly afterward.
On a personal note: I think you have to apply common sense here. If you don’t have any skills to produce something significant that helps people, you have to consume knowledge and information first.
#3: The 5 Fastlane Commandments
„In order to become a millionaire fast, you have to start a business.“ This sentence is arguably correct (if you don’t have rich parents or some God-given unique talent).
But that’s not all. 8 out of 10 businesses fail within the first 18 months. 90% within the first five years. There must be more.
And DeMarco tries to describe what a business needs to be successful with his five „Fastlane Commandments“.
If you want to know more about these you have to buy the book, because he describes it very detailed, but I’ll give you a summary:
a) The Commandment of Need:
The basic takeaway from this part is this: Stop chasing money and start chasing needs.
It’s not about your desires, motives or selfish problems in life. You are broke? You are sick?
Do you want to prove your ex-girlfriend wrong? The harsh truth is:
Like Gary Vaynerchuk says: There are only three groups of people who care about your problems:
1. The other fucking losers around you
2. Your sick, broken parent who secretly wants you to fail
3. The other fucking losers around you
Other people only care about their problems. So that’s where money is made. Look at the problems, desires, and needs other people have.
If you can help lots of people, even just a little, you will get lots of money.
b) The Commandment of Entry
„As entry barriers to any business road fall, or lessen, the effectiveness of that road declines while competition in that field subsequently strengthens.“
That’s to you, Network Marketers!
If you could just buy wealth with an easy payment of 200$, everybody would be rich.
If you are at an event with over 100 people and everyone gets promised to get rich by buying that program/starter kit/whatever, chances are high, you won’t get rich that way.
Just look on Instagram. Everybody is a successful Online Marketer nowadays; everybody has his SECRET FORMULA that gets him 10000k/month.
It’s always the same, with blogs, Instagram, Facebook, eBay, MLM and so on.. The only ones who get rich with these platforms are the early-adopters.
The pioneers who discovered that path from early on and were there before the million other marketers found out.
Or as an old saying states: „In a gold rush, don’t dig for gold, sell shovels!“
c) The Commandment of Control
Be the driver, not the hitchhiker.
Oftentimes, when something fails the Commandment of Entry, it also fails the Commandment of Control.
Basically, if you aren’t in control of your business, you can’t get rich quick.
You are dependent. You have a job. Or you think you have freedom, but actually, you don’t. For example when you own a restaurant, or you are a network marketer. You think you can plan your time like you want to now, but you have to work seven days a week now to just make a living. That’s not freedom. Because if violated the Commandment of Control and…
d) The Commandment of Time
Your business needs to be detached from your time. Otherwise, you have a loan. And with a loan, you probably won’t get rich fast.
Think automation. Think hiring. Think…
e) The Commandment of Scale
Your business needs to scale. And it needs to scale big. If you make a profit of 20$ per unit, you need to sell 50.000 units to become a millionaire.
With the internet, even the smallest niches have over 50.000 fans who might be interested in your product.
If you live in a town with only 100.000 people and you just sell offline, it might be tough to sell 50.000 units.
Also, the ideal would be a business with low variable costs, for example, an ebook. That way you can scale much faster with no additional costs or risks.
#4: WCCA – Worst Case Consequence Analysis
Now that’s something you can use immediately.
Every time you have to decide, ask the following three questions:
1. What is the worst-case consequence of this choice?
2. What is the probability of this outcome?
3. Is this an acceptable risk?
Some might also call this „calculated risk taking“. For example, you think about participating in a business, and you need to pay 1000$ to be part of the business.
1. Worst case: You lose 1000$.
2. You trust the other guys, and you think the idea is great. Let’s say maybe 20%.
3. In this case, it probably is, because, on the other hand, the chance of getting a lot more than 1000$ back are higher. But of course, that decision is up to you!
Losing 1000$ might hurt, but for most of you, it’s not the end of your existence. If you have to pay all your savings and you are basically broke if something fails, it might not be a great idea to participate in that business, even if the chances of losing are just ~5%.
#5: The Wealth Trinity – 3xF
Contrary to most beliefs, real wealth is not obtained by material possessions. All the villas, yachts and cars won’t make you happy without the three fundamental „F’s“. They are
1. Family (relationships)
2. Fitness (health)
3. Freedom (choice)
Wealth and Happiness are states you can only fully enjoy if you are healthy if you have an awesome social circle (including family) and if you have total freedom. Freedom regarding money and most important: Time.
Never neglect one of these things because you won’t be happy in the long run.
There you have it. I hope you learned something by reading this article.
MJ DeMarco does a great job explaining how to get rich quick.
It’s definitely not easy. But with some good ol‘ work (while following certain rules described in this book) it is possible.
If you want to buy the book on Amazon, you can click here.
Have a great week and keep shining,